Genting Plantations to sell 528 acres of land in Melaka for RM334m

GENTING Plantations Bhd (GenP) has proposed the sale of 528.488 acres of freehold agricultural land in Melaka to Scientex Heights Sdn Bhd for RM333.8 million in cash.

The land, which is currently an oil palm estate, will be sold in three parcels: two from Genting Plantations (WM) Sdn Bhd and one from Genting Property Sdn Bhd.

The first parcel, 270.184 acres, is priced at RM170.65 million, while the second, 153.213 acres, is valued at RM96.77 million.

The third parcel, 105.091 acres, will be sold for RM66.38 million.

The sale is expected to generate an estimated one-off gain of RM284.92 million, and the proceeds will be used for strategic purposes such as acquiring new oil palm estates, property development, and reducing external borrowings.

The land is located 14 km from Melaka city centre and is accessible by major highways.

GenP originally acquired the land in 1981 for RM2.09 million. — TMR